FT: EU weighs Irish border compromise in tentative Brexit deal

The financial services deal was part of the overall Brexit deal that Prime Minister Theresa May hopes to strike by the end of the year at the latest, the second official said.

In the case of a no-deal Brexit, there would be a hit to supply, "potentially fairly large and certainly more rapid than one is accustomed to in an advanced economy", Carney suggested.

London wants an agreement that would allow British financial services firms to keep operating in Europe after Brexit on 29 March 2019, in particular to protect the financial position of the City.

A no-deal Brexit would be likely to tip Britain into a recession as long as the downturn that followed the global financial crisis, and investors should no longer ignore this danger, credit ratings agency Standard & Poor's said this week, writesAndy Bruce.

The pound started to rally against the dollar following the publication of the report at midnight (0000 GMT).

The technocratic argument is similar to one the Governor, Mark Carney, used before the referendum when he warned that there were circumstances in which the United Kingdom may need higher rates even after it voted Leave.

It means that foreign firms such as banks and clearing houses can serve European Union customers largely from their home base and avoid having to spend large amounts of money setting up a subsidiary in the EU.

European Union officials have said that the EU's financial market access system, known as "equivalence", under which Brussels grants access to foreign banks and insurers if their home rules converge with the bloc's, is probably Britain's best bet.

Currently, inside the European Union, banks and insurers in Britain enjoy unfettered access to customers across the bloc in all financial activities.

Equivalence, however, covers a more limited range of business and excludes major activities such as commercial bank lending.

Yes. Government ministers have said that the current equivalence system is opaque and unreliable because all decisions are made unilaterally by Brussels, and can be scrapped at 30 days' notice.

The Bank of England hinted there may be a need for faster interest-rate increases in the coming years in a report dominated by uncertainty over Brexit.

European Union officials said the EU's financial market access system known as "equivalence", under which Brussels grants access to foreign banks and insurers, if their home rules converge with the bloc's, is probably Britain's best bet.

The report added to overnight optimism triggered by the UK Brexit Secretary Dominic Raab's letter to the House of Commons Brexit Committee, saying that he expected to finalize a deal with the European Union by November 21, and prompted some aggressive short-covering move around the GBP/USD major.

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